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into effect but details released by omb painted different picture. if congress failed to act, the economy would shrink by 0.5 of 1% and send the unemployment rate soaring to 9.1%. it is something both sides hope to avoid but has not figured out how. >> raising taxes is unacceptable. it could not even pass the house. i'm not sure will pass the senate. >> state agencies are given two weeks to work on their plan to trim 4% and that is plenty of time. >> the problem is not so much how much money they have but how they manage it. >> hockessin 10 delhomme -- of this impending cliff, president obama plans to address americans. >> their lines forming for those who want to take his job. and dancing that you make s second attempt to become governor of virginia. he was known for running president clinton's campaign. he ran for governor in 2000 and at last to -- but lost. >> tonight, the man responsible for shooting former congresswoman gabrielle giffords is facing seven life sentences in a federal courtroom. jared loughner as giffords and her husband nmark kelly were in the courtroom. he read a sta
come to a deal the fragile u.s. economy is headed towards something called the fiscal cliff. >> on january first, $6 trillion in tax increases that will hit all working americans and $1.2 trillion in spending cuts leading to another recession. the big question is whether the bush tax cuts should expire. the president says they should. it's a case he made over and over on the campaign trail. tax cuts tax cuts tax cuts. yesterday john boehner told die an that is a nonstarter. >> i made clear yesterday that raising tax rates is unacceptable. and frankly it couldn't even pass the house. >> still today the president said the debate had been settled. >> this was a central question during the election. it was debated over and over again and on tuesday ni
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